Bitcoin Whale Accumulation Spikes amid BTC Price Dip to $91,000

Key Notes

This on-chain accumulation was primarily seen in institutional addresses, although some coins may still be held on exchanges.Following the BTC whale activity, Bitcoin has staged a recovery, trading at $96,575.Analyst predicts a Thanksgiving rally that could push Bitcoin to $99,000, supported by strong technical indicators.

Bitcoin whales and long-term holders did some bottom fishing during the BTC price BTC $97 319 24h volatility: 1.9% Market cap: $1.93 T Vol. 24h: $56.52 B dip to $91,000 levels earlier this week. As per the CryptoQuant report, the whales accumulated a total of $1.5 billion worth of Bitcoins earlier this week.

CryptoQuant analyst Caueconomy noted that the BTC whales capitalized on the BTC dip to $91,000 as short-term holders booked a massive $ billion in losses due to panic selling. On Tuesday, November 26, a total of 16,000 Bitcoins, worth a staggering $1.5 billion, moved into whale reserves thereby marking significant on-chain accumulation. This number reflects institutional addresses on the network, though many coins may still be held in exchange accounts by these players.

The analyst also noted that while the spot Bitcoin buying volume has surged, it remains concentrated among institutional investors. He added that a broader “buy-the-dip” trend is yet to emerge. To push Bitcoin to a new all-time high, a larger influx of buying activity from both retail and institutional players is essential.

Last month in October, Bitcoin whale holdings hit an all-time high of 670,000 BTC, a move that preceded Bitcoin’s rise from around $60,000 to its current all-time high near $100,000. If history repeats itself, BTC price could benefit from continued whale accumulation, potentially pushing it past the $100,000 psychological barrier.

BTC Price Recovery after Bitcoin Whale Activity

Following the Bitcoin whale accumulation earlier on Tuesday, BTC price has also staged a strong recovery. As of press time, BTC price is trading 1.89% up at $96,575 with a market cap of $1.911 billion.

Ali Martinez suggests that Bitcoin (BTC) could see a Thanksgiving rally. Martinez believes this could trigger a rebound, predicting that Bitcoin is on track to reach $99,000, supported by strong technical indicators.

Tonight, coiners are going to tell their families about #Bitcoin $BTC, triggering some sort of Thanksgiving rally. This is why I think #BTC is bound for a rebound to $99,000, and the technicals support it.

I could be wrong, which is why I'm leaving a tight stop-loss. pic.twitter.com/jY5gR1Ka2Y

— Ali (@ali_charts) November 28, 2024

Crypto analyst Ali Martinez highlights a crucial demand zone for Bitcoin at $93,580, where approximately 667,000 addresses acquired nearly 504,000 BTC. Martinez stated that Bitcoin bulls should defend this support level to prevent potential sell-offs from these holders.

Following Donald Trump’s victory in early November, BTC price rallied all the way from $73,000 to $100K registering over 35% gains in less than a month’s time.

“Bitcoin has been on a tear since Election Day … with very few pullbacks, but the $100,000 mark remains a formidable psychological barrier. While breaking through now would be a major bullish signal, a brief pullback may be needed to gather momentum before the next attempt,”  Mati Greenspan, founder and CEO of Quantum Economics, said in an email to CNBC.

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